urbanbubble turnover hits £1.7 million
Manchester based residential property management company urbanbubble announced its trading results to year end March 2015 which show a 62% rise in turnover to £1.7 million (£1.04 million to year end 2014) and operating profit increased from £110,000 (2014) to £213, 500.
The results are underpinned by an organic pipeline of new instructions which averaged at 400 new homes a quarter between 2012 and 2014. The company manages over 6000 homes, equating to 8500 residents, across 90 developments in Manchester and Salford.
In 2014 urbanbubble strengthen its team by 12 bringing the number of full time employees to 57, and this year the firm is expected to make four senior management appointments.
There are ambitious plans for the growth of urbanbubble over the next three years and for the past two years the business has been preparing itself – through engaging with investors, developers, architects and funders – to be ready to take on the management of developments built specifically for the Private Rented Sector (PRS). It has taken time to understand the challenges and opportunities presented by developments owned by a single asset manager and where excellence in service to tenants will be paramount to the success of PRS in Manchester.
Michael Howard, managing director, urbanbubble said: “Since I started urbanbubble in 2008, we’ve always had strong annual growth but to achieve 50% increase in our turnover from £1 million base is really pleasing and is testament to the hard work put in by the whole team at urbanbubble.
“The talk of the town is all about the tens of thousands of apartments to be built in the coming years, which will happen and many will be PRS. So little new stock has been built in the past years and most of our growth has come from established developments where the residents wanted better management and maintenance from their building managers. We’re preparing now to be ready to take on much, much more as new developments complete in the coming years.
“Those preparations include a major investment into bespoke software and technology to create a whole new property management system which everyone at urbanbubble will use. We’ve also been working behind the scenes with the firms and organisations that will deliver many of the PRS developments in Manchester – we all going on the same journey together.
“We’re moving into a larger office in the autumn which will start a new chapter of growth for us. We will expand the new business team and set ourselves the target of achieving 500 to 700 new homes a quarter, split between new developments and established schemes.
“We will be launching our new sales and lettings division before the end of the year and we hope to be able to make an announcement about our first appointment to manage a PRS scheme very soon.
“We expect to hit turnover of £2.5 million by March 2016 and double profits. As new developments complete and become occupied we expect revenue to climb to £7 million within the next three years, and we expect to double the work force in the next 18 months.”